38% Of Rio Rancho Properties Sold Are Distressed In 2013
This is hard to believe but 37.8% of all homes sold in Rio Rancho in 2013 were distressed properties. This is one of the significant challenges for home prices in Rio Rancho.
A distressed property is any home that has been foreclosed on by the bank. Short sales are also considered to be distressed properties. A short sale occurs when a bank agrees to allow the home to be sold for an amount less than is owed to the bank on the home. Many bank-owned homes and short sales need repairs and as a result, will sell for less than market value.
The housing market across the United States has been experiencing a significant number of distressed properties. However many markets such as Phoenix, Las Vegas, and California have seen significant price increases over the past year. Rio Rancho and Albuquerque did see some price improvement over the past year.
However, Rio Rancho still has way too many distressed properties on the market and this continues to place pressure on home prices. On March 27, 2014, there are 691 homes on the market for sale. Approximately 16.5% of this inventory is distressed properties. This number has been improving over the past year, but it is still way too high. From January 1st of 2014 to March 27th, 2014, a whopping 31% of homes sold in Rio Rancho were distressed properties. This is still an incredibly high number and there will continue to be pressure on real estate prices in Rio Rancho. Learn more about the average home price in Rio Rancho NM.
I am not sure how long this will continue but there does seem to be a major improvement in the near term. So what does all this mean? Here is my view, Rio Rancho homes will increase in value over the next year in the low single-digit range. There will continue to be good deals in Rio Rancho for investors and bargain hunters
This blog was written on March 27, 2004, and the data was obtained from the Greater Albuquerque of Realtors.
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